Facebook App Turns The Social Network Into A Money Lending Service

A new app connected to Facebook, uses the social network to connect people in need of money, with those willing to loan out some of their own.

The Agree It app allows peer-to-peer lending for payday loans (short term loans) that sidesteps all the paperwork and complications of traditional short term loans. Friends can put out on the network how much money they need to borrow, and then receive offers from friends (each of whom determine their own interest rates).

Omar Fansa, founder of the app, said:

Poor credit ratings and a reluctance to ask for help closer to home means UK residents are increasingly taking on unsustainable debt that ruins lives. By seeking and offering funds within our social network, we can sidestep expensive credit and poor deposit rates and enable borrowing between friends and family at affordable rates.

The app is purely a social contact warns Fansa, so lenders should only give their money to friends they trust to pay it back.